FTSE update

From Bloomberg another chart update on the Footsie. Despite Bernanke’s insistence on continuing an extremely accommodative stance, with half his board in disagreement and not a shred of evidence that any of this is actually working, we will stick to this “count” for this index un till it is proven wrong. We have had the usual 62% retracement of the first wave down at about these levels. Obviously we can still go higher without negating the pattern provided the recent high is not taken out. We will see.